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Thursday, 23 October 2014

The high 2182 today is basically the 2% target with 2 points higher at 2180 that being discussed in the previous post before the cpo futures went back down to 2160s level.

The hourly indicator Y will still hold on the long 2137 until market close at 6pm today since the stop and reverse sell trade signal is far below the long 2137.

It is more important to see now where will be the cpo futures price closed at 6pm. Above 2190 will send a very strong signal that the market may go for another new target at 2223 which is about the 4% target from the long 2137 and also the previous high level in the daily chart.

(Again, profit taking targets will be up to traders' own decision and the hourly indicator Y trading guides only shows the stop and reverse trade signal.)